Becoming a landlord is an exciting decision, whether it is your first property or adding another in a portfolio of properties. However there are a many rules and guidelines which you have to comply with, both ensuring the safety of your tenant and complying with the law. Failing to so something at this vital initial tenancy stage, or doing something incorrectly can lead to costly problems in this future.
We can assist you with the drafting of an appropriate tenancy agreement whether needing special conditions or not, and advise you fully on the other documentation you will need to comply with the law, including safety certificates and deposit protection provisions. Since February 2016 landlords in England have to ensure that a tenant has a right to reside. In most cases this will be straightforward, but if a person has only a limited right to remain in the United Kingdom, further checks will be needed in due course and appropriate records kept. We can advise you what to do in these circumstances to avoid civil penalties.
In Wales as from November 2016 all landlords will have to comply with the new requirements on licensing. Until 23 November 2016 it is voluntary but registration is needed unless you have delegated responsibility to an agent who themselves will need to be registered. In England a selective licensing system is in place.
There are other changes planned over the next few years, including new rules on a property having to have minimum energy rating. Tenants are going to have additional powers to ask for improvements and landlords need to be ready to deal with these changes.
Purchasing a property to rent is for most people likely to be the second most expensive purchase they will make. It is vital that the investment is protected and that you are able to remove any tenant if and when necessary without undue delay.
We can offer fixed costs schemes for your needs, so that your expenditure is fixed. Should more extensive advice be needed, then we can advise you regarding our competitive fee structure and quote accordingly.